HealthcareCA

BenchSci Layoffs

January 2024

BenchSci announced a layoff affecting 70 employees (17% of its workforce) in January 2024. The company operates in the Healthcare sector.

People Affected

Percentage

17%

Announced Date

Jan 8, 2024

About

Toronto-based AI and biomedical startup BenchSci has laid off 70 employees, representing 17 percent of its workforce, as it adapts to the impact of generative AI in drug discovery. The company, which recently secured $95 million in Series D funding, cited shifts in the economic environment, operational efficiencies, and technological advancements as reasons for the restructuring. BenchSci aims to reinvest in generative AI to enhance its preclinical research platform, despite the difficult decision to reduce its team. The layoffs reflect a broader trend among Canadian AI and biotech firms adjusting their strategies in a changing market.